Areas of focus for PCAOB 2020 audit firm inspections will include a greater emphasis on larger issuers with higher market capitalization, PCAOB Director of Registration and Inspections George Botic, CPA, recently announced.
Audit quality is improving, Botic said, but there are still areas that need attention. The inspections will focus on firms’ system of quality control, auditor independence, implementation of new standards and more.
In the first quarter of 2020, the PCAOB also expects to debut a new report format for its 2018 audit year inspections of the six largest U.S. firms.